Regeneron Pharmaceuticals (REGN.O), opens new tab said on Monday it will buy genomics firm 23andMe Holding for $256 million through a bankruptcy auction, and promised to prioritize the ethical use of DNA data from customers using ancestry testing and other services.
The second-highest bid, for $146 million, was submitted by a nonprofit research institute founded by 23andMe’s former CEO and cofounder Anne Wojcicki, according to court documents.
The transaction “starts to bring about a good conclusion to what otherwise could have been a difficult bankruptcy case,” said trial attorney Daniel Gielchinsky, co-founder and partner at DGIM law.